37% of Ontario insolvencies involve payday advances, study discovers

37% of Ontario insolvencies involve payday advances, study discovers

Nicole Gibillini , BNN Bloomberg

The ‘overwhelming burden’ of a payday loan cycle

The percentage of insolvent borrowers making use of pay day loans in Ontario is in the increase, in accordance with a new report, which revealed four in 10 insolvencies this past year could be traced returning to the high priced style of loan.

The amount of customer insolvencies when you look at the province that involved payday loans – which typically have exceptionally interest that is high – rose to 37 percent in 2018 from 32 percent in 2017, the survey by insolvency trustee company Hoyes, Michalos & Associates Inc. Continue reading “37% of Ontario insolvencies involve payday advances, study discovers”